Bitcoin Forum

Considering buying or mining Litecoin LTC? Here's 5 reasons why you SHOULD NOT buy or mine Litecoin LTC in 2019/2020!

https://www.youtube.com/watch?v=CFiE4wkDvt0
https://i.imgur.com/6XIKtHIl.png

Litecoin mining skyrocketed along with the 2017 cryptocurrency bullrun, unfortunately Litecoin mining never recovered. Bitmain, Innosilicon and other public/private ASIC miner manufacturers have created too many miners for the current Scrypt mining algorithm coins which includes the likes of Litecoin, Dogecoin, and several other cryptocurrencies. Litecoin LTC block rewards were halved on schedule in the middle of 2019, which further reduced Litecoin LTC mining profitability to a level that most residential miners could never be competitive at. It is simple, if it costs you $2 to mine $1 worth of Litecoin, you should simply by $2 worth of that coin. With little mining viable on Litecoin, and minimal developer activity the outlook for this "Bitcoin testnet" coin is looking rather grim.

All relevant timestamps and links in the video description on YouTube.

Litecoin was always a scam and that hasn't changed, scammers tried to scam people this year and litecoin price hit $140 and now $70. I would stay away from it.

Beside ASIC miner profitability. Did some technical (chip enigneer) party did scope all the techs on the miners from Bitmain. I am bid paranode is a producer manufacture chips whit unwanted funtions, like share a bid of the hasrate to the producer.
Its pretty common that producers make on purpose backdoors for there on use. Recently like INTEL had back doors pointed out as manufacture failures (yhe right). Microsoft put updates to cover those back doors.
my concern is that bitmain is kept on a close eye what they are doing. My doom senario is that the have a backdoor to optain the hash rate at a trigger and overcome the 51% of the network haspower. Okay i am a bit paranode in nature, but think its good the point it out  ::)

Yea for sure. Did you hear about that other scammy coin called bitcoin? They scammed people into buying it at 20k and now its only 10k...would definitely stay away from that as well.

Dont even get me started on Ethereum...scammers got people to pay 1400 for it and now its only 200 LOL.

 ::)

It for sure has crappy Trend Analysis

It will go up as bitcoin does.




You are aware that since its conception if you bought BTC and held it there is only like 2 weeks that you would of lost money buying it right?
ETH is another story, I have a bunch of it and it will rise with BTC but who knows how much.

Personally i make a devide in luiqidy coins and utility coins. ETH is for me a gaint tech token. BTC, LTC, DOGE, DASH, XMR .... i prefer above tech tokens. To bad that some coins fall in the wrong managment. But maybe DOGE gets nore decentralised again. For now i keep BTC, Dash. xmr and some doge.

^ Doge? You just lost any credibility that you had.  One of the biggest shitcoins, that thing is a complete joke, a meme coin, serious crypto investors don't own that shit. Maybe some pump and dumps but no real future.

I say LTC is a sinking ship, even the creator (not much of a creator, just coped bitccoin) dumped that copycat coin.

complete agreement  ;)

The difference between a scam and a not scam coin is the speculative tech value and litecoin has no tech value whatsoever, bitcoin is no different although it has name, was the first and people got used to it, and ethereum is the only coin at moment that offers the highest speculative tech value. It's easy to see scam coins going up and then crashing hard down like ltc has always been, it rises fast and crashes fast. Now a coin like eth with the highest speculative tech value, people think many times before selling it, yes it crashed like all coins but it is the only coin that will rise fast once this start going up again. Well, you will see.

Indeed i keep DOGE for trade and will buy more at 20 satoshi. LTC is not my favorite either but will take it for 0.003 btc.

DOGE and LTC are big names and long history (a brand has value). I don't think those coins disappear. Also i prefer those coins above new liquidy coins.

The only cryptocoin that has any value in its brand is bitcoin and nothing else. LTC and doge are scamcoins like many other thousands of crap and useless coins.

The only brand that the mainstream even recognizes is bitcoin and maybe ethereum to a lesser degree.

I was also surprised that LTC hit that crazy ATH figure back in 2017. I remember mining that coin with my GPU back in 2014 and I remember that miners kept dumping and dumping LTC until it hit like $1.50 or $1.25 or some crazy low figure. I assumed the coin was done and finished.

I don't really know all that much about LTC, but I am assuming that maybe in Asia it has a market. Maybe due to its fast block times and cheap transaction fees maybe people actually use it for goods and services. Not sure however. The developement seems pretty active and they were the first to activate Segwit which pegged the way for BTC to activate Segwit.

yes , no profit of mining litecoin, also paying out the energy very low it isnt profit. maybe there are several farms paying no bills for electricty.... some months ago it was 20$ each litecoin , maybe if you bought at that time you should be in profit....... now price should be 400$ to be in profit...  i think it is caused by the instability of the cryptocurrencies.... this is a good thing that you cant always do good gains , just smart guys do

someone asked before the halving if i wanted to buy some l3+ at very low price of electricty and price of hardware , but i immediatly realize that it wasnt a good move, we will wait some time, maybe it has only to stabilize... and bitcoin price going up isnt a good thing , they continued to raise the price of mining equipment

See that is the problem, they will raise as bitcoin goes up or stay still as bitcoins goes down. Truth to be told, you can't win like used to do. Mining the way it is --> game over, midrange gpus price which used to be $150, has been for sometime around $400. Mining is done for and soon as eth goes pos then the nail in the coffin will hit the remaining miners.

Not sure the bold is correct.  We are at 10000 and I think we have been over 10000 more then 14 days.

Here is the deal LTC developers did some shady shit the first year it was built. I believe the builder could use Gpus to mine for many months while others could only mine with CPU’s.

Kano has gone into detail on this and I did some research it does appear that LTC developers did that years ago.

On the positive side of ltc it is better designed to scale then btc. And for crypto to work we need coins to be mined. More then just btc.

Since I have a power deal that is a 50-50 coin split with my host I will continue to mine with my 11gh of hash.  This is in effect 5.5gh for zero cost which is about 0.11 ltc a day or 7-8 dollars a day.
But if you want to break into ltc and buy a pair of L3+ for 200

Use jstefanop software you will do 1gh for 1500 watts

1 gh is only 0.02 ltc or 1.50 a day.  1500 watts is 36 kwatts so if you have 3 cent power you pay 1.08

This nets to 42 cents which is a 500 days to break even.

So to mine with newly purchased ltc gear is a hard choice even with 3 cent power.

For me it is an easy choice my gear is paid for I make 8 dollars profit everyday.

So is Voskcoin correct for some yes for others no.

Is jstefanop correct for some yes for others no.

Anyone looking to break into mining ltc is at high risk.
Anyone with paid off ltc gear and a good power deal should mine on.

Once again a field of gray to pick from not a stark black and white choice.

It was more than that, too many shady things happened, I know most of them, reason I never invested in ltc, ltc has always been a way to scam for bitcoin. That is why it was created, ltc's creator, charlie lee, won't say that but its the truth.

I really don't like LTC and Charlie Lee dumped his own bags, whos to say satoshi won't do the same some day?  Of course I respect bitcoin a lot more than litecoin, but it s shady as well.  Some anonymous guy  or team creates a coin and mines about 1 million for himself then disappears from this forum.

Why should satoshi dump his BTC for inflatable money. Don't see this happening  8)

Any sane person thinks like that. Only trolls, scammers, chupacabras will say they prefer litecoin.

I mine 910th btc and 11gh ltc.

about 80kwatts on btc
about 20kwatts on ltc.

I will continue to do it  simply because all that gear is paid off.

yeah right and to complement you, unicorns do exist too.

I prefer LTC...... over hypercash or (insert worse shitcoin here)   :P

Yep  I do exist and  here is the ltc

but there are not many people in my set up


https://i.imgur.com/0JtNhy9.png

I wasn't around during the LTC main-net launch so this is news to me... never knew that LTC developers did this.

This actually reminds me of a similiar situation with Darkcoin (now called Dash coin) basically people analyzed the blockchain after the launch and they also did some analysis and found out that it was instamined in some way. I don't remember the details but X11 I think for a while might of been CPU only and later on it was GPU mineable. And lots of coins were pretty much premined in the early days and people have been complaining for years about the coin being shady.

Would have to find the post in the Dash thread to find out for sure though. Anyone know what I am talking about?

What's the point of this post? If you have this kind of logic then why are you here on the crypto space? I think is is fair that people do their own choice and decide for themselves. What comes up must come down and what comes down must come up. That's the basic of it.

hehe, well to be fair i do have 0.5 ltc, I received that from an exchange 6 years ago, still there, not planning to sell cause that would be just too much effort, login into it, 2fa, take the mobile, create a sell order, too much effort, better leave there and maybe never do anything to it. See, the effort of selling it outweighs the money that scam is worth.


This is somebody that was deceived by ltc and its pump and dump nasty evil shady scheme, funny most of those trolls are still buying hardware thinking they will get their money back hehe, yeah right and if I had the same thinking, I would still be fighting the japanese law hoping to get the millions of dollars gox owns me. All wishful thinking.

Your post actually reminds me of all the bitcoin dust that I collected throughout the years. I had probably a dozen or so wallets, online wallets, dormant balances on pools, etc where I tended to usually round my transaction figures instead of sending the entire amount.

If you ever used the old versions of Bitcoin Core, there was no option to "Send entire balance" basically if you had like 1.00529832 BTC, I would just send 1 BTC and forget about any of the following decimals due to laziness since I always had to manually subtract the transaction fee and I rather just send 1 BTC instead of 1.00519832 BTC since back in the days of $200 BTC those amounted to very little.

So when BTC was in the 5 figures, I took the time to sync every wallet and finally used up all my collected dust and in the end it actually ended up being a few hundred dollars. Got some LTC and ETH from a pool where it never hit the min withdraw since it was like $5/ETH and just left it there and when it hit $1400 ETH the pool lowered the min withdraw fee and finally got my ETH out.

Like finding gold pretty much...

yeah its kinda like looking under the sofa cushions for some loose change and finding hundred dollar bills.

Every coin has some type of premine, unfair launch, dev tax, or something to make the person that created the coin rich.  Not many people are going to do something out of the goodness of their heart, they do it for hte money.

Do you think that makes it okay?

What do you think about satoshi? Just fedup with the moneysytem and giving poeple a tool to power or one day he will stand up as a doubtfull world leader or .... what other motivation?

Untill now i think its a great thing, but i can't see how it works out offcourse.

No it was wrong,but most of us are not insiders on any coin so we react and chase coins to make profit.

I did a few lookups and many many btc are sitting as pre mined by the creator of btc.

None of us know if they will be cashed in so does that mean btc is like ltc?

Three reasons to mine ltc this winter

1) l3+ is quiet when under clocked so it is a great space heater.
2) l3+ is cheap if you need a space heater.
3) Apollo is quieter then a l3+ Makes for a nice conversational piece in an office.
4) ltc is the second most mined asic based algorithm so it does not face a bust out of great new miners.

If your able to,weigh Voss against me you can see he is right on many points.

And that my reasons are less but still good.


Don’t go buying 100 pieces of l3+ cause most likely that will lose.

I agree with Voss that large scale mining of l3+ is bad.

Litecoin is the most over valued shitcoin imho.

So true, does nothing and yet is greatly overvalued. Before eth, ltc scammers loved saying ltc was better than btc because it has faster transaction block than btc, aftwer many coins faster than it were released, scammers have nothing else to say about it hehe, it indeed has become another shitcoin.

this is why I disagree with you. It has  a lot of gear mining it so it is secure. As any coin other then btc. or possibly eth.

 many gpu coin other then eth can be 51% attacked if eth miners switch from eth and go against it.
nicehash 51% attack via rentals were done more then once.

ltc is using the most asic gear to mine it so a 51% attack is difficult to do.

this does give ltc some value.

mining died for now.... but if price goes up then it will be worth again ... maybe it only need new stuff to mine it.?

I want to be back in 2015 when i used 3 mhs miner and did many ltc with so less hashrate and litecoin was worth 3$

what the future reserve for us?

I know the correct answer to that questions.  Nobody really knows the future. It is just the way it is.

Satoshi did mine Bitcoin however. And from what people estimate he might own over a million coins from doing so. However its hard to say if he mined for money or not since people don't know if he actually spent any of it.

One of the reasons why he kept mining it might of been to keep the chain going, without someone mining the chain would come to a halt and people wouldn't be able to make transactions.

He stopped mining when more miners started to enter the market because he didn't have to mine then to keep the chain going. Whether he sold anything or not is hard to detect. Since nobody knows exactly when he stopped mining. He might be alive and well and selling his mined coins backwards, like from 2010 and on to prevent detection.

That make sense. Thinking about it, mining few honderd BTC a week with a home computer   ;D